A listed life insurer and wealth management company has announced its intention to acquire 100 per cent of dealer group Matrix Planning Solutions.
ClearView has entered into a merger implementation deed, under which the ASX-listed company will acquire the licensee, bringing its total number of financial advice authorised representatives to more than 200.
In announcing the deal, ClearView boss Simon Swanson said the deal – if approved by Matrix’s shareholders – would create a combined company that is unique in that it is the only “integrated life insurer and wealth manager that is not aligned to a major institution”.
“This transaction, combined with our recent results, will provide further momentum in ClearView’s goal of building Australia’s best financial advice and financial services business,” Mr Swanson said.
“It is ClearView’s intention to maintain the Matrix brand and key people so as to continue to grow the combined ClearView business,” he added.
Matrix senior management has backed the deal, with a number of shareholders already entering into a “pre-bid acceptance deed” committing to the move.
“Matrix directors believe that the offer creates an opportunity for Matrix shareholders to own shares in one of Australia’s fastest growing and innovative financial services companies which is committed to providing high-quality advice to its customers,” said a statement from Matrix urging shareholders to support the acquisition bid.
Shareholders in the dealer group will be offered $4.407 in cash and 8.776 ClearView shares per Matrix share – subject to performance conditions – resulting in a total cash offer of $7.75 million.
The combined funds under management/advice post-merger would be $6.9 billion, according to the statement.
Matrix shareholders will have until 4 October 2014 to make their decision.
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